Shinhan Bank Removes Store Partitions and Expands Size for "Synergy Effect"

Shinhan Bank is removing the partitions between branches that were divided into corporate and individual sales and is expanding them into larger branches. This is to strengthen the linkage between the corporate and individual sectors and create synergy effects.

According to the financial sector on the 15th, Shinhan Bank will reorganize five branches?Yangjae-dong, Ansan Smart, Siwha, Digital Jungang, and Nonhyeon-dong Financial Centers?into integrated branches covering both corporate and individual finance starting from the 9th of next month.

The Yangjae-dong Financial Center will absorb Yangjae-dong Corporate Finance Centers 1 and 2, Ansan Smart Financial Center will absorb Ansan Smart Corporate Finance Centers 1 and 2, Siwha Financial Center will absorb Siwha Corporate Finance Centers 1 and 2, Digital Jungang Financial Center will absorb Digital Jungang Corporate Finance Center, and Nonhyeon-dong Financial Center will absorb Nonhyeon-dong Corporate Finance Center.

All these branches are located in the same building, but until now, they operated as separate branches without significant connections. Shinhan Bank stated, "From the 9th, these branches will be consolidated and operated as one large branch at their existing locations," adding, "As large branches, they will provide professional comprehensive services encompassing both corporate and individual finance."

Shinhan Bank has consolidated and expanded 17 branches by integrating existing corporate and individual sales branches just this year. In January, four branches?Garak-dong, Guro Station, Bucheon, and Bupyeong?were integrated; in April, two branches?Trade Center and Jeju; in July, eight branches?Seocho Jungang, Myeong-dong, Seongsu-dong, Daejeon Jungang, Cheonan Jungang, Yangjae Station, Donam-dong, and Dogok Station; in October, one branch?Yeongdeungpo; and in November, two branches?Daegu and Gwangju?were transformed into integrated branches.

The reason Shinhan Bank is integrating and expanding branches with different characteristics is to create synergy effects. By encompassing personnel from both corporate and individual finance in one branch, they aim to enhance customer convenience and respond to diverse needs. Another reason is the ongoing reduction in the number of branches in the banking sector in response to the increasing trend of non-face-to-face financial transactions.

A Shinhan Bank official explained, "Even if branches are located in the same building, if they belong to different branches, operations are completely separated, but customers in reality have various needs such as corporate and individual finance," adding, "The purpose is for Relationship Managers (RMs) from different fields such as corporate, retail, and asset management (WM) to form one team to respond to these customer needs and create synergy effects."